Transferring trust property with a 1031 tax exchange must be done carefully, or the beneficiaries could lose their inheritance. Q: My father recently passed away. He had a trust and in that trust he listed a property for me and my brothers to inherit. The property was a commercial building in Southern California. Two years ago, he [...]
If you are trying to refinance by using a quit claim deed, you should consider whether inheriting the property would be a better option. Q: We prepared and filed a quitclaim deed transferring my father’s house to me so we could refinance to get some cash for my father from the equity of the home. [...]
As the holiday season gets underway, one of the hardest things to do is figure out how to teach your child the value of giving. For many children, this time of year is all about what they are getting. But by placing more of a focus on giving this holiday season, you’ll be helping your [...]
‘Tis the season for giving, and many charities will be receiving lots of support and donations from people who are feeling generous during the holidays. However, the number of charities out there can lead to information overload for many consumers. As much as we’d like to, it’s impossible for us to donate to everyone who [...]
Thoughts of gift-giving often run to gadgets, homemade items, food, books, and gift cards. While these ideas are great and can be thoughtful and unique, they are consumable to some degree. Another option is to give something that has the potential to really keep giving: investments. When you prepare to give investments as gifts, here [...]
Discussing financial New Year's resolutions for 2013 and the impact of the fiscal cliff on job advice and the ability to save money. Also a bit on the tragedy in Newtown and the Sandy Hook Elementary School. And as usual, providing personal finance advice, real estate advice and consumer advice on the Ilyce Glink Show [...]
When retiring with a mortgage, you should really think about whether downsizing would make more financial sense. Q: I currently have 10 years left on my home mortgage of about $200,000 and I am 64 years old. I plan to work past 70, but I am concerned that my job might disappear or that I [...]
Short sales are the only options for many homeowners, but its tax implications continue to affect the housing market. There is very little that makes short sellers happy these days. But we recently heard from one who finally at least made peace with his problem. It took two years, but our correspondent finally closed on [...]
Adding children's names to house title and deed. How it can affect your property taxes, income taxes and real estate taxes. Q: I currently own a home that is paid in full, with no mortgage. I want to add the name of my daughter to the house deed. Would you be able to tell me [...]
Gifting a house to a relative will affect your income tax and real estate property tax. Know the consequences of gifting vs. inheriting. Q: I thought you might have said on your radio show that you didn't advise giving a home away. My uncle is thinking of giving me an old house, but I didn't [...]
